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Updates that Matter (UTM – No. 37) for Income tax, Excise, Customs, GST, Service tax
We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter Service Tax: – Extension of time till 29-04-2016 for filing ST-3 Returns. Due to difficulties faced by assessees in accessing the ACES application on 25th April, 2016,
Income Tax LitigationIssues & Challenges in Family-owned businesses (FOBs) in SME Segment
The role of family business in the economy Family-owned businesses (FOBs) are a force to reckon within almost all economies across the world. They form a significant part of the global economy, accounting for up to 60 to 70 percent of it, contributing significantly to
Updates that Matter: Income Tax,DVAT, DGFT, Customs,Company’s Law
a) Income Tax – Income-Tax (11th Amendment) Rules, 2016. In the Income-Tax Rules, 1962, after rule 26B, there shall be inserted Rule 26C “Furnishing of evidence of claims by employee for deduction of tax under section 192.” There is Amendment in Rule 30, Rule 31A
How to file ITR 1without help of any expert or software in 15 minutes
What you will learn here How to file ITR-1 File ITR using utility available free at Income tax department of India’s website File ITR -1 without the help of any expert. We all need to file ITR to fulfil our statutory need. Many of us
Google tax from today
The Finance Minister had in his budget introduced the equalisation levy earlier this year. Popularly known as Google tax, this equalisation levy (@ 6%) will come into force from today, June 1 2016 onwards. Under the current structure it will only apply to payments for
Krishi Kalyan Cess (KKC) from today: all you need to know
Krishi Kalyan Cess shall be Effective from Today i.e. 1st June, 2016. We are pleased to share all the details and notifications along with simplified analysis on adopting of Krishi Kalyan Cess as attachment to this mail. Further, Please note that the Accounting codes for
6% Tax on Digital Advertising w.e.f 1st June, 2016
The Digital Media Services has got costlier with the applicability of ‘Krishi Kalyan Cess’ and the ‘Equalisation Levy (EQL)’ or the ‘Google Tax’ from 1st June, 2016 The revenues of most foreign internet companies are usually routed to a tax haven country. To tackle and tax
No Clear guidelines for seizure of Jewellery found during search and its assessment thereon under Income Tax Act
Brief Background:- Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during the course of search proceedings under Section 132, where the same have been duly declared
Search and Seizure Operations:- Forced confession of undisclosed income in the statement recorded u/s 132(4) of the act during search and seizure operations
Brief Introduction 1. Section 132(1) of the Income-tax Act can be invoked by the Commissioner ofIncome-tax or Chief Commissioner or Director General or Director or any other authorized Additional or Joint Director or Commissioner if “in consequence of information in his possession” he “has reason
Detail analysis of Krishi Kalyan Cess by CA Rajender Arora
KrishiKalyanCess‟ (“KKC”) to be levied at 0.5% on the value of all taxable services w.e.f. June 1, 2016. Facts about KKC:- Applicable to services taxable under reverse charge also Not leviable on exempted services Credit available only for payment of KKC SEZ units entitled to
GST ComplianceHow GST is going to make an adverse impact on service sector
We all know that GST is going to be a biggest reform but it’s not a win win situation for everyone. Especially the service sector is going to face some heat because of GST. Let us discuss some important points that are going to hurt
An open Letter to Arvind Kejriwal by CA Mehul Shah
An Open letter to Arvind Kejriwal by CA Mehul Shah to explain the probable Logic behind issuing New 2000 Rupee Note instead of 1000 Rupee Note. Sir, I am a practising Chartered Accountant aged 28 in Surat and I was very hopeful that you would support
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